Getting the most from the Flex Plan
How can I use the Flex Plan to get the most from my medical insurance? Step 1: Estimate the number of typical services you and your covered family members receive in the course of the year.
Step 2: Multiply the number of services by the copayment/coinsurance amount for your current plan. (e.g., $15 copay for an office visit X 10 visits = $150, $10 for mail in prescriptions (90 day supply) X 4 = $40, $15 copay to visit a chiropractor X 12 visits = $180 and $250 for an eye exam and glasses for a total of $620)
Step 3: Fill out the Flex Plan enrollment form for ‘unreimbursed health expenses’, $51.66 a month and $620 annually. Payroll will send the enrollment form to PBS, Inc.
Step 4: PBS, Inc. will send you a mbi Flex convenience card for $620. When you go to the doctor or the pharmacy, etc., you present your mbi Flex card and the purchase will be paid from your flex account. No claim forms, no lost receipts, no waiting for reimbursements in the mail.
Step 5: Payroll will deduct $51.66 from you payroll each month for the year. That $51.66 really costs you $39.97 because you did not pay federal withholding taxes or social security taxes on it.
Step 6: Each quarter you will receive a statement from PBS, Inc. with your account balance. You have until September 30th of next year to use your $620. If you have questions or would like an enrollment form, please call Terry Massender, Payroll Officer, 924-1830, extension 5030 or email me at massendert@evsd.org. All enrollment forms must be filled out and turned into the payroll office by October 15th.
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